{"id":44907,"date":"2026-04-17T19:53:48","date_gmt":"2026-04-17T19:53:48","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/deutsche-bank-mandelsonun-guvenlik-izninin-reportedly-gecersiz-kilinmasinin-ardindan-siyasi-riskin-10-yillik-ingiliz-tahvil-getirilerini-yukselttigini-soyledi\/"},"modified":"2026-04-17T19:53:48","modified_gmt":"2026-04-17T19:53:48","slug":"deutsche-bank-mandelsonun-guvenlik-izninin-reportedly-gecersiz-kilinmasinin-ardindan-siyasi-riskin-10-yillik-ingiliz-tahvil-getirilerini-yukselttigini-soyledi","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/deutsche-bank-mandelsonun-guvenlik-izninin-reportedly-gecersiz-kilinmasinin-ardindan-siyasi-riskin-10-yillik-ingiliz-tahvil-getirilerini-yukselttigini-soyledi\/","title":{"rendered":"Deutsche Bank, Mandelson\u2019un g\u00fcvenlik izninin reportedly ge\u00e7ersiz k\u0131l\u0131nmas\u0131n\u0131n ard\u0131ndan siyasi riskin 10 y\u0131ll\u0131k \u0130ngiliz tahvil getirilerini y\u00fckseltti\u011fini s\u00f6yledi"},"content":{"rendered":"<p>Bir Guardian haberine g\u00f6re Peter Mandelson, eski bir ABD b\u00fcy\u00fckel\u00e7isi g\u00f6revi i\u00e7in g\u00fcvenlik soru\u015fturmas\u0131ndan (ki\u015finin risk olu\u015fturup olu\u015fturmad\u0131\u011f\u0131n\u0131 belirlemek i\u00e7in yap\u0131lan resmi inceleme) ge\u00e7emedi ve bu karar D\u0131\u015fi\u015fleri Bakanl\u0131\u011f\u0131 taraf\u0131ndan ge\u00e7ersiz k\u0131l\u0131nd\u0131. Bu haberin ard\u0131ndan \u0130ngiltere 10 y\u0131ll\u0131k devlet tahvili (gilt; \u0130ngiltere Hazine\u2019sinin \u00e7\u0131kard\u0131\u011f\u0131 tahvil) getirileri 3,4 baz puan (bps; y\u00fczde puan\u0131n y\u00fczde biri, 0,01) y\u00fckseldi.<\/p>\n<p>Haber, Ba\u015fbakan Starmer\u2019\u0131n Avam Kamaras\u0131\u2019na \u201ct\u00fcm resmi prosed\u00fcrler eksiksiz uyguland\u0131\u201d y\u00f6n\u00fcndeki a\u00e7\u0131klamas\u0131yla \u00e7eli\u015fti. Bu durum, liderlik de\u011fi\u015fimi ihtimaline ve daha gev\u015fek b\u00fct\u00e7e kurallar\u0131na (kamu harcamalar\u0131nda daha az k\u0131s\u0131t), daha y\u00fcksek bor\u00e7lanmaya, daha fazla tahvil ihrac\u0131na (gilt arz\u0131n\u0131n artmas\u0131) ve sonu\u00e7 olarak daha y\u00fcksek tahvil faizlerine (getiri\/yield; tahvilin piyasa faizi) ili\u015fkin endi\u015feleri art\u0131rd\u0131.<\/p>\n<h3>Siyasi Risk, Gilt Getirilerindeki Dalgalanmay\u0131 Art\u0131r\u0131yor<\/h3>\n<p>Haberden \u00f6nce de giltler (\u0130ngiltere tahvilleri) zaten piyasan\u0131n geneline g\u00f6re hafif zay\u0131f seyrediyordu. \u0130ngiltere GSYH\u2019si (Gayri Safi Yurti\u00e7i Has\u0131la; ekonominin toplam \u00fcretimi) \u015fubat ay\u0131nda ayl\u0131k bazda %0,5 artt\u0131; beklenti %0,2 idi.<\/p>\n<p>2025\u2019te Peter Mandelson \u00e7evresindeki siyasi haber ak\u0131\u015f\u0131n\u0131n 10 y\u0131ll\u0131k gilt getirilerinde ani bir s\u0131\u00e7ramaya yol a\u00e7t\u0131\u011f\u0131 hat\u0131rlan\u0131yor. Bu \u00f6rnek, piyasan\u0131n Ba\u015fbakan\u2019\u0131n otoritesinde zay\u0131fl\u0131k alg\u0131lad\u0131\u011f\u0131nda nas\u0131l tepki verdi\u011fini g\u00f6steriyor. Siyasi istikrars\u0131zl\u0131k i\u015faretleri, bor\u00e7lanma maliyetlerinin y\u00fckselmesi i\u00e7in do\u011frudan bir tetikleyici olarak g\u00f6r\u00fcl\u00fcyor.<\/p>\n<p>Bu hassasiyet, inat\u00e7\u0131 enflasyon (fiyat art\u0131\u015flar\u0131n\u0131n kal\u0131c\u0131 seyretmesi) ortam\u0131nda \u00f6ne \u00e7\u0131k\u0131yor. Mart verileri enflasyonun %3,2 ile \u0130ngiltere Merkez Bankas\u0131\u2019n\u0131n %2 hedefinin belirgin \u00fczerinde kald\u0131\u011f\u0131n\u0131 g\u00f6sterdi. Bu tablo, merkez bankas\u0131n\u0131n tahvil piyasas\u0131n\u0131 destekleme (faiz indirimi veya daha gev\u015fek duru\u015fla piyasay\u0131 rahatlatma) alan\u0131n\u0131 daralt\u0131yor ve piyasay\u0131 \u015foklara daha a\u00e7\u0131k b\u0131rak\u0131yor. S\u00fcregelen fiyat bask\u0131lar\u0131 nedeniyle 10 y\u0131ll\u0131k gilt getirisi zaten y\u00fcksek seviyede ve %4,35 civar\u0131nda seyrediyor.<\/p>\n<h3>Daha Y\u00fcksek Getirilere Y\u00f6nelik T\u00fcrev \u0130\u015flem Pozisyonlanmas\u0131<\/h3>\n<p>T\u00fcrev \u00fcr\u00fcn (de\u011feri ba\u015fka bir varl\u0131\u011fa ba\u011fl\u0131 finansal s\u00f6zle\u015fme) i\u015flemleri yapanlar, artan oynakl\u0131\u011fa (fiyat dalgalanmas\u0131) ve getirilerde olas\u0131 bir s\u0131\u00e7ramaya kar\u015f\u0131 pozisyon almay\u0131 de\u011ferlendirebilir. Uzun vadeli gilt vadeli i\u015flemleri (Long Gilt futures; gelecekte belirli fiyattan al\u0131m-sat\u0131m i\u00e7in standart s\u00f6zle\u015fme) \u00fczerine sat\u0131m opsiyonu (put; belirli fiyattan satma hakk\u0131) almak, \u0130ngiltere tahvil fiyatlar\u0131ndaki d\u00fc\u015f\u00fc\u015ften s\u0131n\u0131rl\u0131 riskle (zarar\u0131 \u00f6denen primle s\u0131n\u0131rlayan) faydalanman\u0131n bir yolu olarak \u00f6ne \u00e7\u0131k\u0131yor. Bu strateji, beklenmedik siyasi gerilimlere veya mali disiplini gev\u015fek bir halef (b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131na daha fazla tolerans) riskine kar\u015f\u0131 etkili bir koruma (hedge; olumsuz harekete kar\u015f\u0131 dengeleme) i\u015flevi g\u00f6rebilir.<\/p>\n<p>\u015eubat 2025\u2019te beklenenden g\u00fc\u00e7l\u00fc gelen GSYH verilerinde oldu\u011fu gibi, \u0130ngiltere ekonomisi yeniden dayan\u0131kl\u0131l\u0131k i\u015faretleri veriyor; ayl\u0131k b\u00fcy\u00fcme %0,1 geldi. Bu olumlu veri, \u0130ngiltere Merkez Bankas\u0131\u2019ndan yak\u0131n vadede faiz indirimi ihtimalini azalt\u0131yor. G\u00fc\u00e7l\u00fc ekonomi g\u00f6r\u00fcn\u00fcm\u00fc ile siyasi riskin birle\u015fimi, tahvil getirilerinin daha da y\u00fckselmesi tezini g\u00fc\u00e7lendiriyor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Guardian iddias\u0131: Mandelson g\u00fcvenlik soru\u015fturmas\u0131ndan ge\u00e7emedi, karar iptal edildi. Starmer\u2019la \u00e7eli\u015fki siyasi riskleri b\u00fcy\u00fctt\u00fc; 10 y\u0131ll\u0131k gilt getirisi +3,4 bp. Enflasyon y\u00fcksek, gev\u015fek b\u00fct\u00e7e korkusu. Put opsiyonu hedge.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-44907","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/44907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=44907"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/44907\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=44907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=44907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=44907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}